Homer Pty Ltd borrowed $\backslash (\backslash$$ $500,000\backslash )$ from the Springfield Bank and granted it a security interest in some of its plant and equipment. Homer Pty Ltd failed to pay the last inst interest instalments. The other day the bank was notified that the directors of Homer Pty Ltd had appointed a voluntary administrator.

Advise whether the Springfield Bank is legally entitled to immediately seize and equipment subject to the security interest. Would your answer be differe Springfield Bank's security interest covered all the assets of Homer Pty Ltd$?$